- 毛利率代表著產品的競爭優勢, 要和同一個產業做比較. 如果毛利率很低的話, 就要看公司的營收規模是否夠大
- 毛利率從谷底回升, 或許就是開始反轉的訊號
- 營益率代表著公司的經營效率
- 在不大幅舉債的前提下, ROE可以看出公司的經營品質
- 穩定或持續提升的毛利率和營益率十分重要, 要當心持續下滑的毛利率和營益率
- 本業收入比高的公司, 才容易預估財測, 值得花心力去研究
- 無形資產佔總資產比高的公司, 可能代表這家公司是透過併購來成長. 但如果佔比高的不合理, 則要當心
- 併購後有沒有發揮1+1>2, 營益率是一個很好的觀察指標
- 要檢視ROE上升或下滑的原因, 根據杜邦分析不外乎是利潤率, 營收, 財務槓桿的增減
- 租賃業要觀察延滯率(在銀行稱為逾放比率)的變化. 如果越來越多客戶拖延還錢(延滯率上升), 就代表接下來放款的錢也會變少(放款率下降)
| 營業毛利率 QoQ YoY | 營業利益率 QoQ YoY | 稅前淨利率 QoQ YoY | 稅後淨利率 QoQ YoY | 股東權益報酬率 QoQ YoY | 資產報酬率 QoQ YoY | 總資產周轉率 QoQ YoY | EBITDA利潤率 QoQ YoY | 財務槓桿 QoQ YoY | 本業收入比 QoQ YoY | 業外獲益比 QoQ YoY | 用人費用率 QoQ YoY | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 23Q4 (20) | 66.04 | -4.05 | -8.04 | 33.84 | 67.36 | 653.67 | 24.25 | -44.75 | 573.63 | 24.43 | -44.46 | 721.63 | 3.57 | -16.0 | 992.5 | 3.30 | -14.06 | 1016.67 | 0.13 | 44.44 | 44.44 | 31.25 | -47.92 | 400.0 | 8.93 | 15.23 | -21.18 | 133.33 | 188.89 | 366.67 | -41.67 | -177.38 | -127.78 | 27.29 | -22.73 | -15.2 |
| 23Q3 (19) | 68.83 | 2.24 | -5.52 | 20.22 | 31.64 | -13.88 | 43.89 | 46.84 | -14.84 | 43.99 | 46.78 | -14.81 | 4.25 | 31.99 | -21.15 | 3.84 | 36.65 | -16.52 | 0.09 | 0.0 | 0.0 | 60.00 | 41.44 | -4.0 | 7.75 | -43.31 | -22.27 | 46.15 | -7.69 | -1.92 | 53.85 | 7.69 | 1.71 | 35.32 | 10.13 | -6.49 |
| 23Q2 (18) | 67.32 | 11.51 | -3.75 | 15.36 | 405.37 | -43.45 | 29.89 | 788.71 | -28.49 | 29.97 | 659.14 | -25.21 | 3.22 | 696.3 | -32.21 | 2.81 | 697.87 | -24.05 | 0.09 | 0.0 | 0.0 | 42.42 | 338.22 | -12.66 | 13.67 | -11.18 | -45.32 | 50.00 | -75.0 | -22.22 | 50.00 | 0 | 40.0 | 32.07 | -11.41 | -13.7 |
| 23Q1 (17) | 60.37 | -15.93 | 8.05 | -5.03 | -212.03 | -219.76 | -4.34 | 15.23 | -127.84 | -5.36 | -36.39 | -134.38 | -0.54 | -35.0 | -121.51 | -0.47 | -30.56 | -123.74 | 0.09 | 0.0 | -30.77 | 9.68 | 54.88 | -53.53 | 15.39 | 35.83 | -51.88 | 200.00 | 500.0 | 700.0 | -0.00 | -100.0 | -100.0 | 36.20 | 12.49 | 30.12 |
| 22Q4 (16) | 71.81 | -1.43 | 36.81 | 4.49 | -80.88 | 411.81 | -5.12 | -109.93 | -156.0 | -3.93 | -107.61 | -96.5 | -0.40 | -107.42 | -8.11 | -0.36 | -107.83 | -20.0 | 0.09 | 0.0 | -40.0 | 6.25 | -90.0 | 81.16 | 11.33 | 13.64 | -50.99 | -50.00 | -206.25 | -150.0 | 150.00 | 183.33 | 0 | 32.18 | -14.8 | 31.08 |
| 22Q3 (15) | 72.85 | 4.16 | -12.05 | 23.48 | -13.55 | -54.77 | 51.54 | 23.3 | 0.41 | 51.64 | 28.87 | 0.6 | 5.39 | 13.47 | -46.31 | 4.60 | 24.32 | -45.3 | 0.09 | 0.0 | -43.75 | 62.50 | 28.68 | 11.75 | 9.97 | -60.12 | -33.71 | 47.06 | -26.8 | -54.46 | 52.94 | 48.24 | 0 | 37.77 | 1.64 | 46.74 |
| 22Q2 (14) | 69.94 | 25.18 | -17.88 | 27.16 | 546.67 | -52.74 | 41.80 | 168.12 | -22.13 | 40.07 | 157.02 | -25.35 | 4.75 | 89.24 | -63.55 | 3.70 | 86.87 | -64.04 | 0.09 | -30.77 | -52.63 | 48.57 | 133.17 | -19.05 | 25.00 | -21.83 | 2.25 | 64.29 | 157.14 | -40.79 | 35.71 | -52.38 | 725.0 | 37.16 | 33.57 | 126.59 |
| 22Q1 (13) | 55.87 | 6.44 | -30.5 | 4.20 | 391.67 | -90.34 | 15.59 | 879.5 | -64.34 | 15.59 | 879.5 | -64.34 | 2.51 | 778.38 | -79.27 | 1.98 | 760.0 | -78.1 | 0.13 | -13.33 | -38.1 | 20.83 | 503.77 | -57.03 | 31.98 | 38.32 | 7.6 | 25.00 | -75.0 | -75.0 | 75.00 | 0 | 0 | 27.82 | 13.32 | -11.26 |
| 21Q4 (12) | 52.49 | -36.63 | -25.1 | -1.44 | -102.77 | -108.8 | -2.00 | -103.9 | -109.51 | -2.00 | -103.9 | -109.51 | -0.37 | -103.69 | -107.24 | -0.30 | -103.57 | -109.84 | 0.15 | -6.25 | 7.14 | 3.45 | -93.83 | -89.12 | 23.12 | 53.72 | -41.44 | 100.00 | -3.23 | 28.57 | -0.00 | 0 | -100.0 | 24.55 | -4.62 | -16.24 |
| 21Q3 (11) | 82.83 | -2.75 | 20.37 | 51.91 | -9.67 | 404.96 | 51.33 | -4.38 | 19642.31 | 51.33 | -4.38 | 19642.31 | 10.04 | -22.95 | 16633.33 | 8.41 | -18.27 | 4847.06 | 0.16 | -15.79 | 60.0 | 55.93 | -6.78 | 277.65 | 15.04 | -38.49 | -89.6 | 103.33 | -4.82 | 0 | 0.00 | 100.0 | 0 | 25.74 | 56.95 | -38.58 |
| 21Q2 (10) | 85.17 | 5.95 | 46.67 | 57.47 | 32.21 | 394.42 | 53.68 | 22.78 | 279.41 | 53.68 | 22.78 | 279.41 | 13.03 | 7.6 | 323.12 | 10.29 | 13.83 | 561.43 | 0.19 | -9.52 | 137.5 | 60.00 | 23.76 | 560.12 | 24.45 | -17.73 | -83.43 | 108.57 | 8.57 | 90.0 | -5.71 | 0 | -120.0 | 16.40 | -47.69 | 0 |
| 21Q1 (9) | 80.39 | 14.71 | 45.03 | 43.47 | 165.55 | 428.32 | 43.72 | 107.79 | 964.03 | 43.72 | 107.79 | 964.03 | 12.11 | 136.99 | 1275.73 | 9.04 | 196.39 | 3448.15 | 0.21 | 50.0 | 162.5 | 48.48 | 52.89 | 506.0 | 29.72 | -24.72 | -79.41 | 100.00 | 28.57 | -66.67 | 0.00 | -100.0 | 100.0 | 31.35 | 6.96 | 0 |
| 20Q4 (8) | 70.08 | 1.85 | 61.7 | 16.37 | 59.24 | 135.08 | 21.04 | 7992.31 | 128.77 | 21.04 | 7992.31 | 128.77 | 5.11 | 8416.67 | 148.39 | 3.05 | 1694.12 | 173.14 | 0.14 | 40.0 | 133.33 | 31.71 | 114.11 | 163.42 | 39.48 | -72.69 | -73.4 | 77.78 | 0 | 20.99 | 22.22 | 0 | -37.78 | 29.31 | -30.06 | 0 |
| 20Q3 (7) | 68.81 | 18.49 | 34.32 | 10.28 | 152.66 | 141.69 | 0.26 | 100.87 | 100.96 | 0.26 | 100.87 | 100.96 | 0.06 | 101.03 | 101.38 | 0.17 | 107.62 | 110.43 | 0.10 | 25.0 | 42.86 | 14.81 | 213.57 | 425.49 | 144.57 | -2.02 | 1.3 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 41.91 | 0 | -17.86 |
| 20Q2 (6) | 58.07 | 4.76 | -6.04 | -19.52 | -47.43 | -196.63 | -29.92 | -491.3 | -233.81 | -29.92 | -491.3 | -233.81 | -5.84 | -466.99 | -177.56 | -2.23 | -725.93 | -174.33 | 0.08 | 0.0 | -38.46 | -13.04 | -263.0 | -137.49 | 147.55 | 2.25 | -1.08 | 57.14 | -80.95 | -36.51 | 28.57 | 114.29 | 185.71 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 55.43 | 27.9 | 30.0 | -13.24 | 71.63 | -23.62 | -5.06 | 93.08 | 50.05 | -5.06 | 93.08 | 50.05 | -1.03 | 90.25 | 63.86 | -0.27 | 93.53 | 70.65 | 0.08 | 33.33 | -27.27 | 8.00 | 116.0 | 47.87 | 144.31 | -2.76 | -19.63 | 300.00 | 366.67 | 200.0 | -200.00 | -660.0 | 0 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 43.34 | -15.4 | 0.0 | -46.67 | -89.25 | 0.0 | -73.14 | -170.29 | 0.0 | -73.14 | -170.29 | 0.0 | -10.56 | -143.32 | 0.0 | -4.17 | -155.83 | 0.0 | 0.06 | -14.29 | 0.0 | -50.00 | -998.9 | 0.0 | 148.40 | 3.99 | 0.0 | 64.29 | -22.86 | 0.0 | 35.71 | 114.29 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 51.23 | -17.1 | 0.0 | -24.66 | -222.08 | 0.0 | -27.06 | -221.02 | 0.0 | -27.06 | -221.02 | 0.0 | -4.34 | -157.64 | 0.0 | -1.63 | -154.33 | 0.0 | 0.07 | -46.15 | 0.0 | -4.55 | -113.08 | 0.0 | 142.71 | -4.32 | 0.0 | 83.33 | -7.41 | 0.0 | 16.67 | 66.67 | 0.0 | 51.02 | 92.97 | 0.0 |
| 19Q2 (2) | 61.80 | 44.93 | 0.0 | 20.20 | 288.61 | 0.0 | 22.36 | 320.73 | 0.0 | 22.36 | 320.73 | 0.0 | 7.53 | 364.21 | 0.0 | 3.00 | 426.09 | 0.0 | 0.13 | 18.18 | 0.0 | 34.78 | 542.88 | 0.0 | 149.16 | -16.93 | 0.0 | 90.00 | -10.0 | 0.0 | 10.00 | 0 | 0.0 | 26.44 | -20.46 | 0.0 |
| 19Q1 (1) | 42.64 | 0.0 | 0.0 | -10.71 | 0.0 | 0.0 | -10.13 | 0.0 | 0.0 | -10.13 | 0.0 | 0.0 | -2.85 | 0.0 | 0.0 | -0.92 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 5.41 | 0.0 | 0.0 | 179.56 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | -0.00 | 0.0 | 0.0 | 33.24 | 0.0 | 0.0 |
| 營業毛利率 YoY | 營業利益率 YoY | 折舊負擔比率 YoY | 稅前淨利率 YoY | 稅後淨利率 YoY | 股東權益報酬率 YoY | 資產報酬率 YoY | 總資產周轉率 YoY | EBITDA利潤率 YoY | 財務槓桿 YoY | 本業收入比 YoY | 業外獲益比 YoY | 無形資產佔總資產比 YoY | 用人費用率 YoY | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 (10) | 65.71 | -0.99 | 18.25 | 31.77 | 5.67 | 19.15 | 23.59 | -5.64 | 23.47 | -5.67 | 10.26 | -11.86 | 9.34 | -6.13 | 0.40 | 0.0 | 35.46 | 6.39 | 8.93 | -21.18 | 78.79 | 45.76 | 24.24 | -43.94 | 1.38 | -59.94 | 32.05 | -3.29 |
| 2022 (9) | 66.37 | -12.3 | 13.85 | -64.14 | 4.76 | 18.1 | 25.00 | -33.19 | 24.88 | -33.51 | 11.64 | -66.26 | 9.95 | -62.64 | 0.40 | -43.66 | 33.33 | -22.76 | 11.33 | -50.99 | 54.05 | -47.64 | 43.24 | 0 | 3.44 | 122.92 | 33.14 | 35.32 |
| 2021 (8) | 75.68 | 17.7 | 38.62 | 2407.79 | 4.03 | -57.48 | 37.42 | 7536.73 | 37.42 | 7536.73 | 34.50 | 10354.55 | 26.63 | 3598.61 | 0.71 | 86.84 | 43.15 | 212.91 | 23.12 | -41.44 | 103.23 | -48.39 | -3.23 | 0 | 1.54 | 139.85 | 24.49 | -38.62 |
| 2020 (7) | 64.30 | 25.19 | 1.54 | 0 | 9.48 | -10.28 | 0.49 | 0 | 0.49 | 0 | 0.33 | 0 | 0.72 | 0 | 0.38 | -2.56 | 13.79 | 112.15 | 39.48 | -73.4 | 200.00 | 188.89 | -100.00 | 0 | 0.64 | 0 | 39.90 | 5.95 |
| 2019 (6) | 51.36 | 71.77 | -7.16 | 0 | 10.57 | -8.4 | -10.58 | 0 | -10.58 | 0 | -10.23 | 0 | -3.47 | 0 | 0.39 | 105.26 | 6.50 | 0 | 148.40 | -3.16 | 69.23 | -21.93 | 30.77 | 132.97 | 0.00 | 0 | 37.66 | -44.82 |
| 2018 (5) | 29.90 | 61.45 | -60.12 | 0 | 11.54 | -15.68 | -68.71 | 0 | -77.59 | 0 | -37.39 | 0 | -13.79 | 0 | 0.19 | -5.0 | -44.87 | 0 | 153.25 | -6.53 | 88.68 | -13.25 | 13.21 | 0 | 1.18 | 0 | 68.25 | 2.8 |
| 2017 (4) | 18.52 | 773.58 | -96.45 | 0 | 13.68 | 29.67 | -94.77 | 0 | -109.64 | 0 | -65.45 | 0 | -20.80 | 0 | 0.20 | -35.48 | -67.37 | 0 | 163.95 | -36.34 | 102.22 | 19.83 | -2.22 | 0 | 0.00 | 0 | 66.39 | 58.3 |
| 2016 (3) | 2.12 | -93.86 | -90.18 | 0 | 10.55 | 40.15 | -105.66 | 0 | -114.24 | 0 | -100.60 | 0 | -34.84 | 0 | 0.31 | -38.0 | -75.88 | 0 | 257.52 | 71.41 | 85.31 | -8.5 | 14.69 | 117.11 | 0.00 | 0 | 41.94 | 73.74 |
| 2015 (2) | 34.51 | 35.97 | -29.27 | 0 | 7.53 | -0.83 | -31.42 | 0 | -31.08 | 0 | -33.99 | 0 | -15.05 | 0 | 0.50 | -9.09 | -14.82 | 0 | 150.24 | 61.41 | 93.23 | -19.58 | 6.77 | 0 | 0.00 | 0 | 24.14 | -24.35 |
| 2014 (1) | 25.38 | 0 | -45.72 | 0 | 7.59 | 49.23 | -39.47 | 0 | -39.33 | 0 | -33.13 | 0 | -21.50 | 0 | 0.55 | -24.66 | -24.51 | 0 | 93.08 | 263.17 | 115.93 | 13.88 | -15.93 | 0 | 0.00 | 0 | 31.91 | 17.88 |
